ROBERT L. EHRLICH, JR., Governor

Ch. 533

Section 19-102(c)(1) and 19-105(e)

Annotated Code of Maryland

(2001 Replacement Volume and 2003 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Education

19-102.

(c) (1) Except as provided in paragraph (3) of this subsection, the aggregate
principal amount of bonds outstanding and the present value of capital lease
payments, less the amount of any reserve fund or sinking fund requirement
established for the bonds or capital leases, may not exceed, as of the date of issue of
the bonds, the following:

(i) [$975,000,000] $1,025,000,000 for the University System of
Maryland;

(ii)    $77,000,000 for Morgan State University;

(iii)   $45,000,000 for St. Mary's College of Maryland; and

(iv)    $15,000,000 for Baltimore City Community College.

19-105.

(e) Neither the resolution nor any trust agreement by which a pledge is
created need be filed or recorded, PURSUANT TO THE MARYLAND UNIFORM
COMMERCIAL CODE OR OTHERWISE, except in the records of a system.

SECTION 2. AND BE IT FURTHER ENACTED, That:

(1)     In accordance with Title 19 of the Education Article of the Annotated Code
of Maryland (2001 Replacement Volume and 2003 Supplement), each of the following
projects is approved as a project for an academic facility, and the University System of
Maryland may issue, sell, and deliver bonds in the total principal amount of
$10,000,000 for the purposes of financing and refinancing the costs of these projects:

(A) University of Maryland, Baltimore (Baltimore City)

(i) Construct and Equip Dental School Building

(2)     In accordance with Title 19 of the Education Article of the Annotated Code
of Maryland (2001 Replacement Volume and 2003 Supplement), each of the following
capital facilities renewal projects is hereby approved as a project for an academic
facility, and the University System of Maryland may issue, sell, and deliver bonds in
the total principal amount of $15,000,000 for the purposes of financing and
refinancing the costs of these capital facilities renewal projects:

(A) University of Maryland, Baltimore (Baltimore City)

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